Labour Leadership Tax Wars!

Added: 2026-05-24

[00:00:00]Hi, welcome to another episode of Hot Takes. Um, I watched a Before we get into this one, I watched a film and I highly recommend it if you can get to see it. Uh, it's called Project Hail Mary. It's not woke. It's entertaining.

[00:00:14]It's a feel-good film. Um, it's science fiction. It's It's set on a board a spaceship, but it's not, you know, laser fights and anything like that. It's it's just a wonderful we we have a problem, let's solve the problem by working together and then forming a friendship kind of film. It was absolutely riveting and not a comedy, but there was a lot of humor in it, a lot of humanity in it. Um, and I don't normally do um sort of film reviews as you know, but just generally if you if you got the time, watch it.

[00:00:47]It's a really good film. Anyway, there we go. That's enough of that. So, I want to talk about Labor and uh what what's happening at the moment with with the Labour leadership election. Um because it's turning into a bit of a tax auction. Oh, I can tax them, but I can tax them harder. No, I'm going to tax them harder than you. That kind of tax auction, which is not a good one. Um because Wes Streeting has just raised the uh the bidding. The former health secretary who once uh sold the Blairite well sold as a Blairite grownup is now calling for a wealth tax.

[00:01:25]That hear wealth that's the wealth leaving the country. Um he's claiming it would raise 12 billion a year by taxing capital gains more like income. It won't.

[00:01:36]Um his argument is simple. Workers pay too much. Asset owners pay too little.

[00:01:40]Yeah. Um I don't know if he's aware how much tax the wealthy pay.

[00:01:46]something like the top 10 wealthiest, top 10% of the wealthiest pay something like 60% of the tax. If if you start taxing wealth, they'll take their wealth out of the country and you won't get any of it. But this is the trouble.

[00:02:00]Socialism hasn't got a clue, has it? Um, and who telling him this? Well, me also though, proper economists.

[00:02:10]I have an A level in economics. That's as far as I went. But I also studied economics as part of my accountancy degree. So there we go. Um the warning from economics uh economy economics economists is simple. Um push capital gains tax higher and people stop selling, stop investing or leave. The treasury collects less not more. Laugh a curve, right? Rachel Reeves has already helped push the tax burden towards record highs with five uh sorry 75 billion a year in extra taxes scored since he entered number 11. It's actually got to the point now that uh the tax take is starting to drop because people are taking active measures to avoid tax. They're shifting assets out of the country. They're shifting investments into vehicles that are outside of UK tax law. For example, moving it into companies in low tax areas, etc. etc. Um, now Labour's wouldbe leaders, the dick and the other dick, um, are competing to sound tougher and fairer because they think that, oh, we'll tax the rich plays well with the, um, the average working man. The average working man is not stupid. The average working man knows if you start taxing the rich and the rich leaves, that money's got to be made up by taxing the working man, even harder.

[00:03:32]Um, Burnham talks wealth tax. Street and talks wealth tax. Reeves has already raised tax. I mean, this year the next leader doesn't need a manifesto. Just have to stand there and go tax and then stand back. That's it.

[00:03:49]I'm not kidding you. this Labor government that I mean if if to be honest if somebody up come up in the street with a sornoff shotgun and a balaclava they probably get less than this government are going to get aren't they they'll get the content of your uh of your wallet and maybe a credit card this government the same thing short sornoff shotgun and a and a balaclava sornoff shotgun of course is um the threat of imprisonment and the balaclava is the civil service hiding all is, but the principles the same. They're just robbing you. I mean, at least Dick Turpin had the decency to put a mask on.

[00:04:26]But there we go. And they're saying it's only fair. No, it's not. It's completely unfair because you're actually going to end up making the country far far poorer. And how do we know this? Because that's what happens every time there's a Labor government. But this one, once the Milani goes, it ain't rushing back. And so it's not just poorer now, it's poorer forever.

[00:04:52]Socialism, how to screw a country.

[00:04:55]And to think only 20% of the electorate have voted for these people. I think it's time for a revolution in my opinion. That's just my opinion. Not calling you to do it. Don't be standing up there with pitchforks and burning torches. Save that. We might need to in a later date. Don't blow it. But anyway, there we go. Let me know what you think.

[00:05:12]Thanks very much. Keep paying your taxes. Get prepared for more. Bye.